Mortgage Delinquency’s Show Slight Uptick 110910

Mortgage Delinquency’s Show Slight Uptick

The Federal Reserve Bank of New York released its Quarterly Report on Household Debt and Credit for the third quarter of 2010 Monday, showing Americans are borrowing less and paying off more debt than in the recent past. Also in the report, the proportion of current mortgage balances that transitioned into delinquency rose slightly from 2.6 percent to 2.7 percent, after about a year of decline. About 457,000 individuals received home foreclosure notices on their credit reports between July 1 and September 30, 2010, a 5.5 percent decrease from the second quarter and a 6.4 percent drop from a year earlier.

RV Sales on the Rise

From California the Riverside Press-Enterprise reports that once a hub for companies that secured a person’s home-away-from-home onto wheels, the Inland region lost its share of RV manufacturers, felled by the debt they took on, rising gas prices and a recession close behind. But there have been spoils for the survivors, namely a dearth of competitors and bargains for supplies and factories along with the expectation that business is bound to improve. In the first nine months of the year, manufacturers shipped 19,700 motor homes to dealers and customers. That’s already 17.1 percent more than all the shipments in 2009, but far below the industry high in 2006 when RV makers shipped 390,500.

Court Says California Community Subject to Rent Control

From California the North County Times reports that the town of Oceanside has won another court fight with the owners of Cavalier Mobile Estates over rent control. A federal court judge last week dismissed a lawsuit in which Cavalier Mobile Estates sought $30 million in damages from the city for refusing to allow Cavalier to raise rent for spaces in the community from an average monthly rental of $350 to $600. A U.S. District Court Judge ruled that the federal court lacked jurisdiction in the matter because the company had not exhausted all available state remedies for challenging the city’s Manufactured Home Fair Practices Commission decision denying the rent increase.

New York Town Rezones MH Community

From Michigan the Grand Haven Tribune reports that the Ferrysburg Planning Commission voted unanimously last week to recommend that the City Council rezone the North Shore Mobile Home Community and RV Park from RG-3 high-density residential district to a manufactured home park district. The report indicated the manufactured home community is not an allowed use under the city zoning ordinance, but will be allowed to continue to operate.

NY Modular Builder Benefits from “Extreme Makeover”

From New York the Niagara Gazette seems to confuse modular and manufactured homes when it reports that a new manufactured home builder in the Niagara region is taking advantage of a new perception of the homes sparked by the Extreme Makeover television show. The article says a modular home is built with up to 30 percent more lumber to allow it to endure travel from the building location to the site, while insulation between modules enhances it’s resistance to heat flow, with a R-17 rating. The company, Traba Homes, is based in Buffalo and is currently building four more models at locations in Royalton, Wheatfield, Elma and Orchard Park. The company’s web site shows the construction and assembly of modular homes. Clarification on the essential differences in these homes can be found in MHMSM.com’s Manufactured Home Sheet for Reporters: http://www.mhmsm.com/manufactured-home-fact-sheet-for-reporters

“Extreme Makeover” Looking for Lubbock-Area Volunteers

From Texas, Lubbock Online reports that the producers of “Extreme Makeover: Home Edition” are looking for area volunteers to help with a project in West Texas later this month. Some details about the project will be released at a community pep rally Tuesday starting at 6 p.m. at the Scottish Rite Building, 1101 70th St. Call the West Texas Home Builders Association, (806) 798-1616, to register. The house is being donated by Palm Harbor Homes.

Oyster Eco Buildings Coming to Scotland

From Scotland the Business7 Insider Magazine reports a new eco-housing manufacturer is set to launch a range of sustainable home designs to meet demand for luxury guest chalets at UK leisure resorts and country hotels. Oyster Eco Buildings, based in Perth, was launched by former company doctor Neil McArthur two years ago with the help of Scottish Enterprise and the Carbon Trust. Oyster Eco Buildings has unveiled seven designs, priced from about $88,000 to $242,000, which will all be manufactured in Scotland.

A range of smaller cabins aimed at the luxury camping market are also being launched, with two- and four-berth versions priced between $19,000 and $29,000. The first Oyster houses will go on sale in the spring of 2011.

Deer Valley Sees Improvement in Earnings

On Friday Deer Valley Corporation filed a Form 10Q for the quarter ending September 30 reporting net earnings for the 3rd quarter 2010 of $676,968, an improvement over both the 2nd quarter 2010 earnings of $603,054 and the 3rd quarter 2009 loss of $125,853. The company says improvement in earnings as compared to the 2nd quarter 2010 has been achieved despite the reduction in revenues that was forecast in the Company’s August 11 press release. The Company’s CEO, Charles G. Masters, cautioned investors that the two toughest quarters of the homebuilders’ year are still ahead and economic predictability remains extremely limited.

UMH Reports Decrease in Manufactured Home Sales

UMH Properties has filed a report with the U.S. Securities and Exchange Commission Monday indicating third quarter performance. In part, the company reported sales of manufactured homes amounted to $1,382,362 and $1,843,341 for the quarters ended September 30, 2010 and 2009, respectively, a decrease of 25 percent. Sales of manufactured homes amounted to $3,930,793 and $4,423,259 for the nine months ended September 30, 2010 and 2009, respectively, a decrease of 11 percent. Community operating expenses increased 15 percent from $3,450,419 for the quarter ended September 30, 2009 to $3,954,578 for the quarter ended September 30, 2010.

Clayton Logs Six Percent Decline

Zacks Equity Research reports that Berkshire Hathaway had third-quarter operating earnings of $1.13 per share. The site says results of the conglomerate were positively affected by a more than twofold increase in operating earnings from its non-insurance businesses – Utilities & Energy and Manufacturing, Service & Retailing. Its insurance business, which includes underwriting and investment, however, reported a 20 percent decline in operating earnings. Total revenues from finance and financial products showed a decline of 2.6 percent a year over year to $1.1 billion. This was due to a 6 percent decline from the manufactured housing business (Clayton Homes) due to a lower number of homes sold, partially offset by a 6 percent increase in furniture/transportation equipment leasing.

Businesses More Conservative, Markets Flat

CNN Money reported Travelers’ CEO, Jay Fishman, told U.S. Chamber of Commerce business leaders meeting in Washington Monday that mounting deficits and changes in markets and international finance have made businesses more conservative. The Dow lost 37 points Monday. The Manufactured Housing Composite Value stayed relatively flat, gaining 1/10th of one percent. Some gainers on Wall Street today include Palm Harbor Homes, up nearly four percent; Nobility Homes was up almost three percent and penny stock All American Group was up a whopping 150 percent to close at 23 cents a share

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